Circle, the US financial services firm behind the stablecoin USDC, has changed its mind about seeking a public listing in the near future, and now says it will stay focused on building “a long-term public company.”

“We are disappointed the proposed transaction timed out, however, becoming a public company remains part of Circle’s core strategy to enhance trust and transparency, which has never been more important,” Circle CEO and co-founder Jeremy Allaire commented in a press release on Monday.